A Contract Stipulated a Payment of $8,500 Plus 6

question 68

Multiple Choice

A contract stipulated a payment of $8,500 plus 6.4% interest compounded monthly in 30 months. Prior to the due date, the contract was sold for $9,700 based on 3.8% interest compounded quarterly. How many months before maturity did the contract change hands?

• A) 9 months and 22 days
• B) 8 months and 22 days
• C) 7 months and 22 days
• D) 6 months and 22 days
• E) 5 months and 22 days

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Definitions:

Capital Per Worker

The amount of capital stock available per employee, used as an indicator of productivity and economic growth.

Produced Factor

A term that does not correspond to a widely recognized economic concept as described; thus, it's considered as NO.

Capital Per Worker

The amount of capital stock available per employee in the workforce.

Not Proprietary

Refers to something that is not owned or controlled by a specific entity and is open for use by anyone.